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5501 North Xerxes Avenue

Totem Foods Leases Commercial Space To Driver And Vehicle Services In Brooklyn Center
LEASEDCommercial

Totem Foods Leases Commercial Space To Driver And Vehicle Services In Brooklyn Center

5501 North Xerxes Avenue

Building Size

8,330 SF

Asset Type

Commercial

Closing

May 31, 2024

AI

The property at 5501 North Xerxes Avenue in Brooklyn Center, Minneapolis, with a size of 8,330 square feet, was leased by Totem Foods to transform a former Big O Tires building into a Driver and Vehicle Services (DVS) inspection station. The lease was facilitated by Avison Young, with Totem Foods securing the lease for the space.

Summary of transation details:

  • Property Type: Commercial
  • Transaction Amount: Not provided
  • Landlord: Totem Foods
  • Tenant: Driver and Vehicle Services (DVS)
  • Brokers: Jim Rock & Suzanne Schefcik - Avison Young

Jim Rock and Suzanne Schefcik from Avison Young's Minneapolis office represented Totem Foods in securing the lease for the property, with Driver and Vehicle Services (DVS) expected to occupy the space from September 2024. The leasing of this property aims to address the increasing demand for vehicle inspections due to supply chain challenges and high vehicle prices.

Players

Jim Rock

Avison Young

Broker

$2.6M

vol

3 deals

Broker

Minneapolis Commercial Market Snapshot

Boundary boundary · Commercial · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93